VEON to buy Perfectum for approximately $207M
The transaction is expected to add spectrum and network assets supporting Beeline Uzbekistan’s 5G and wireless broadband plans.
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Form Type
6-K
Rhea-AI Filing Summary
VEON Ltd. agreed to acquire 100% of Rubicon Wireless, the Uzbekistan mobile network operator trading as Perfectum, for total consideration of approximately USD 207 million, inclusive of approximately USD 93 million of Perfectum’s outstanding financial debt. The cash consideration will be funded from VEON’s existing cash resources. Regulatory approvals have been obtained, and completion is expected by the end of October 2026.
Perfectum brings 115 MHz of spectrum, network equipment and infrastructure, including a 5G standalone network. VEON expects the acquisition to increase Beeline Uzbekistan’s spectrum holdings by approximately 50%. The release says integration is expected to improve the efficiency of future network investment and generate capital and operating expenditure synergies. The assets are intended to support 4G/LTE, future 5G and fixed wireless access services.
Key Figures
Total consideration: Approximately USD 207 million
Perfectum outstanding financial debt: Approximately USD 93 million
Spectrum: 115 MHz
+2 more
5 metrics
Total consideration
Approximately USD 207 million
For the acquisition, inclusive of assumed outstanding financial debt
Perfectum outstanding financial debt
Approximately USD 93 million
Included in the total consideration as assumed debt
Spectrum
115 MHz
Perfectum spectrum across the 850 MHz and 3,800 MHz bands
Expected increase in Beeline Uzbekistan spectrum holdings
Approximately 50%
Expected following the acquisition
Expected completion
By the end of October 2026
Regulatory approvals have been obtained
Key Terms
5G standalone network, fixed wireless access, capital and operating expenditure synergies, spectrum holdings
4 terms
5G standalone network technical
"including a 5G standalone network deployed using Nokia equipment"
fixed wireless access technical
"expand wireless broadband for homes and businesses"
Fixed wireless access is a way to deliver high-speed internet to homes and businesses using radio signals from nearby towers or rooftop equipment instead of running fiber or copper cables to each location. Think of it as getting broadband over a strong local Wi‑Fi signal broadcast from a neighborhood antenna. Investors watch it because it can speed customer growth and lower installation costs, but returns depend on coverage, equipment costs and access to usable radio frequencies.
capital and operating expenditure synergies financial
"generate capital and operating expenditure synergies through integration"
spectrum holdings technical
"increase Beeline Uzbekistan’s spectrum holdings by approximately 50%"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is the stated total consideration for VEON’s Perfectum acquisition?
The stated total consideration is approximately USD 207 million, inclusive of approximately USD 93 million of Perfectum’s outstanding financial debt. VEON said the cash consideration will be funded from its existing cash resources.
When is VEON’s Perfectum acquisition expected to close?
Regulatory approvals have been obtained, and completion is expected by the end of October 2026.
What spectrum and network assets does Perfectum have?
Perfectum has 115 MHz of spectrum across the 850 MHz and 3,800 MHz bands, modern network equipment and infrastructure, including a 5G standalone network deployed using Nokia equipment.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of October 2026
Commission File Number 1-34694
VEON Ltd.
(Translation of registrant’s name into English)
Index Tower (East Tower), Unit 1703, Dubai (DIFC), United Arab Emirates
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1): o.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7): o.
Information contained in this report
On October 19, 2026, the Registrant issued a press release, a copy of which is furnished hereto as Exhibits 99.1.
EXHIBIT INDEX
| Exhibit No. | Description of Exhibit | ||||
99.1 | Press Release, dated October 19, 2026 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VEON LTD. | ||||||||
| (Registrant) | ||||||||
| Date: October 19, 2026 | ||||||||
| By: | /s/ Sebastian Rice | |||||||
| Name: | Sebastian Rice | |||||||
| Title: | Group General Counsel | |||||||
VEON Accelerates Telecom Market Consolidation in Uzbekistan, a Market of Nearly 40 Million People Strategic acquisition of Perfectum strengthens Beeline Uzbekistan’s competitive position, expands spectrum resources and creates new opportunities for growth in 5G, broadband and digital Dubai, New York & Tashkent, 19 October 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Company”), today announces that it has agreed to acquire 100% of Rubicon Wireless, the mobile network operator trading under the “Perfectum” brand, a mobile network operator in Uzbekistan. The acquisition will bring complementary spectrum and network assets into VEON’s operations in Uzbekistan, strengthening Beeline Uzbekistan’s ability to deliver better connectivity, expand broadband access and support the country’s growing demand for digital services, financial services and sovereign augmented intelligence further contributing to the strong economic growth and ongoing modernization of the Uzbekistan’s economy. Under the terms of the agreement, the total consideration is approximately USD 207 million inclusive of the assumed Perfectum's outstanding financial debt of approximately USD 93 million. The acquisition reinforces VEON's long-term commitment to Uzbekistan, one of the Company's core growth markets, and represents a further investment in the country's telecommunications infrastructure. It strengthens VEON’s spectrum portfolio in the country and supports the continued development of its 4G/LTE network, future 5G services and fixed wireless access offering. Perfectum’s assets include 115 MHz of spectrum across the 850 MHz and 3,800 MHz bands, together with modern network equipment and infrastructure assets, including a 5G standalone network deployed using Nokia equipment. The transaction is expected to increase Beeline Uzbekistan’s spectrum holdings by approximately 50%, providing additional resources to enhance network coverage and capacity and support its roadmap for 5G and fixed wireless access services. The combination is also expected to improve the efficiency of future network investment and generate capital and operating expenditure synergies through integration with Beeline Uzbekistan’s existing network. “Uzbekistan is one of VEON’s core growth markets, and this acquisition reflects our confidence in its digital future,” said Kaan Terzioglu, Group Chief Executive Officer of VEON. “By combining
complementary spectrum and network assets, we can deliver better connectivity and expand access to the digital services people and businesses use every day. Our focus is to turn this investment into stronger customer experiences, more efficient network investment and sustainable growth.” “This acquisition gives us additional resources to meet our customers’ growing connectivity needs,” said Yevgeniy Nastradin, CEO of Beeline Uzbekistan. “Perfectum’s spectrum complements our existing holdings and will support our plans to strengthen coverage and capacity, introduce 5G services and expand wireless broadband for homes and businesses. Our priority is to integrate these assets effectively and translate them into tangible improvements for our customers.” The cash consideration will be funded from VEON’s existing cash resources. Relevant regulatory approvals for the acquisition have been obtained, and completion is expected by the end of October. About VEON VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity and more than 228 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com. About Beeline Uzbekistan Unitel LLC (doing business as “Beeline Uzbekistan”) has been operating as a digital operator under the Beeline Uzbekistan trademark since September 2006. Beeline Uzbekistan is a part of VEON Group and a Certified Top Employer in 2024, 2025 and 2026. Beeline Uzbekistan has more than 2,000 employees. Forward-Looking Statements This release contains “forward-looking statements”, within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to VEON's performance and strategic ambitions in Uzbekistan. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to VEON's performance and strategic ambitions in Uzbekistan, among others discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.
Contact Information VEON pr@veon.com